Porsche to double investment in hybrid cars, EVs

Volkswagen AG’s (VOW.XE) Porsche AG said Monday that it expects to double planned investments in hybrid and fully electric vehicles by 2022.

The luxury car maker, which is owned by Volkswagen, said its board has decided to invest more than 6 billion euros ($7.47 billion) in e-mobility by 2022 from the previously planned EUR3 billion.

Porsche plans to spend about EUR3 billion on material assets and more than EUR3 billion on development, it said.

This will include around EUR500 million for the development of variants of its fully electric Mission E sports car and around EUR1 billion for electrification and hybridization of existing models, Porsche said.

“Several hundred million” will be spent on the expansion of sites and around EUR700 million in new technologies, charging infrastructure and smart mobility, it said.

“Alongside development of our models with combustion engines, we are setting an important course for the future with this decision,” said Chief Executive Oliver Blume.